If you are a federal tax return preparer then you are no stranger to renewing your preparer tax identification number (PTIN) during the mid-October to December 31st enrollment period. It’s a relatively simple process especially now with online reenrollment, but this year the IRS added something new to the application process:
Compliance is Coming for US... Businesses
Since the advent of the internet, the storage and use of private data has been as cavalier as the Wild West. Businesses have been free to collect any data they can get their hands on, build massive customer databases, and then manipulate or even sell the information for their benefit.
SO, What is a HIPAA?
If you aren’t in the healthcare industry (or in some cases even if you are, YIKES!) you might have only heard the term HIPAA in passing. The thing is, HIPAA now covers plenty of businesses outside of the healthcare industry due to the addition of the Omnibus Rule in 2009, and there is a severe lack of knowledge in terms of HIPAA requirements and how it can affect business. [1]
We will explore which businesses need to be concerned with HIPAA, some of the requirements if you
do fall under the scope, and, why it all matters to your business. As with anything, it is important to first get an idea of what HIPAA is and where it came from before we can truly understand why it’s important, so, without further ado let’s dive in.